How can I save money- New Years Resolution?
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I'm a single woman. I will be 26 next year but am still living a broke life. I blow every bit of money I get and have nothing to show but debts (credit cards, student loans, etc). I don't even know how my money goes so fast.
I can honestly say I have about $29 in my savings account as I type this. I bring home about $4,800 a month after taxes. What should I do? I want to have a plan that I can stick to and actually see my money grow.
I am no good when it comes to money. God forbid I have to stop working.
How can I save money- New Years Resolution?1. Start putting money into your 401k plan. This will be taken from your paycheck so you don't have to worry about saving it.
2. Open an account at a different bank and have a portion of your paycheck direct deposited to it. Cut up the debit card for that account. Tell yourself that you can only touch that money in a true emergency and make yourself go to the bank to make any withdrawals.
I was in your exact place not too long ago. For one month, carry a small notebook with you. Write down every single penny you spend---even buying a newspaper or a candy bar from the vending machine at work. At the end of the month, see how many of those purchases could have been avoided. For me, it was the $10 lunches and random $40 purchases at Target that were killing my budget.
Write down all of your bills. Are there any you can eliminate? I realized I didn't need both a home phone and a cell phone. I saved $50/month by cancelling my home phone. I had satellite TV and cable internet. By going for a combined cable TV/internet package and cutting the satellite, I saved nearly $80 per month. I was paying $65/month for a storage unit for stuff I really didn't need to keep. I was just throwing away money without realizing it.
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